Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.))

Act current to 2015-08-30 and last amended on 2015-08-01. Previous Versions

Marginal note:Publication of list in Canada Gazette

 Each year the Minister shall cause to be published in the Canada Gazette a list of all registered investments as of December 31 of the preceding year.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 1980-81-82-83, c. 48, s. 94.
Marginal note:Tax payable
  •  (1) Where at the end of any month a taxpayer that is a registered investment described in paragraph 204.4(2)(b), 204.4(2)(d) or 204.4(2)(f) holds property that is not a prescribed investment for that taxpayer, it shall, in respect of that month, pay a tax under this Part equal to 1% of the fair market value at the time of its acquisition of each such property.

  • Marginal note:Tax payable

    (2) Where at the end of any month a taxpayer that is a registered investment described in paragraph 204.4(2)(a) or (b) holds property that is a share, bond, mortgage, hypothecary claim or other security of a corporation or debtor (other than bonds, mortgages, hypothecary claims and other securities of or guaranteed by Her Majesty in right of Canada or a province or Canadian municipality), it shall, in respect of that month, pay a tax under this Part equal to 1% of the amount, if any, by which

    • (a) the total of all amounts each of which is the fair market value of such a property at the time of its acquisition

    exceeds

    • (b) 10% of the amount by which

      • (i) the total of all amounts each of which is the fair market value, at the time of acquisition, of one of its properties

      exceeds

      • (ii) the total of all amounts each of which is an amount owing by the trust at the end of the month in respect of the acquisition of real property or immovables.

  • Marginal note:Tax payable — real property or immovables

    (3) If at the end of any month a taxpayer that is a registered investment described in paragraph 204.4(2)(a) holds real or immovable property, it shall, in respect of that month, pay a tax under this Part equal to 1% of the total of all amounts each of which is the amount by which the excess of

    • (a) the fair market value at the time of its acquisition of any one real or immovable property of the taxpayer

    over

    • (b) the total of all amounts each of which was an amount owing by it at the end of the month on account of its acquisition of the real or immovable property

    was greater than 10% of the amount by which the total of all amounts each of which is the fair market value at the time of its acquisition of a property held by it at the end of the month exceeds the total of all amounts each of which was an amount owing by it at the end of the month on account of its acquisition of real or immovable property.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. R.S., 1985, c. 1 (5th Supp.), s. 204.6;
  • 2001, c. 17, s. 225;
  • 2013, c. 34, s. 155.